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5 YEAR
<br />Martinez Jerez
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule`
<br />13- Nov -13
<br />Estimated Project Cost:
<br />$550.000.00
<br />Total Taxes
<br />Tax Abated"
<br />Tax Paid'.'
<br />Assessed Value:
<br />Structure (% AV of cost) 100.0%
<br />550,000.00
<br />550,000.00
<br />550,000.00
<br />Land Value 15,000
<br />15,000.00
<br />N/A
<br />N/A
<br />Gross Assessed Value
<br />565,000.00
<br />550,000.00
<br />550,000.00
<br />Less Mortgage Exemption
<br />(3,000.00)
<br />(3,000.00)
<br />(3,000.00)
<br />Less Homestead Deduction
<br />(45,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />Less Supplemental Homestead Deduction
<br />(182,000.00)
<br />(182,000.00)
<br />(182,000.00)
<br />Base Assessed Value
<br />335,000.00
<br />320,000.00
<br />320,000.00
<br />Less Maximum Abatement Deduction
<br />N/A
<br />N/A
<br />(74,880.00)
<br />Less Non - Abated Amount
<br />N/A
<br />(245,120.00)
<br />N/A
<br />Plus Land Assessed Value
<br />N/A
<br />N/A
<br />15,000.00
<br />Net Assessed Value
<br />335,000.00
<br />74,880.00
<br />260,120.00
<br />Property Taxes:
<br />Assume constant tax rate of
<br />5.0228%
<br />5.0228%
<br />5,0228%
<br />Gross Tax (tax rate x net assessed value)
<br />16,826.30
<br />3,761.05
<br />13,065.24
<br />Less County COIT Homestead Credit:
<br />7.3430 %_
<br />(1,235.55)
<br />(276.17)
<br />(959.38)
<br />Tax Due Before Circuit Breaker
<br />15,590.74
<br />3,484.88
<br />12,105.86
<br />Less Circuit Breaker Credit
<br />_ (8,246.65)
<br />(3,106.21)
<br />(5,140.44)
<br />Net Tax
<br />7,344.10
<br />378.67
<br />6,965.43
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />5,650.00
<br />5,500.00
<br />5,650.00
<br />Debt Service
<br />0.5057%
<br />1,694.10
<br />378.67
<br />1,315.43
<br />Circuit Braker Cap
<br />7,344.10
<br />5,878.67
<br />6,965.43
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />335,000.00
<br />7,344.10
<br />378.67
<br />6,965.43
<br />2
<br />335,000.00
<br />7,344.10
<br />378.67
<br />6,965.43
<br />3
<br />335,000.00
<br />7,344.10
<br />378.67
<br />6,965.43
<br />4
<br />335,000.00
<br />7,344.10
<br />378.67
<br />6,965.43
<br />5
<br />335,000.00
<br />7,344.10
<br />378.67
<br />6,965.43
<br />5 year totals:
<br />36,720.48
<br />1,893.34
<br />34,827.13
<br />-This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br />"Tax Abated is capped at $74,880 of assessed value of structures only and does not include land
<br />assessed value.
<br />"'Tax Paid is calculated using the difference between actual assessed value of structure and
<br />maximum abated portion of $74,880 and adding back the land assessed value.
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